If you itemize deductions on your income tax return, it may be possible to claim a deduction for your vehicle donation. In general, donors who itemize their taxes may deduct the fair market value of any donated car up to $499. If your vehicle sells for more than $500, you may deduct the full selling price.
Fair Market Value is loosely explained as the "Blue Book" or "Guide Book" value of your vehicle. See the links below for Kelley Blue Book, NADA Guides or Edmunds.
The charity is required by IRS to send to the donor a contemporaneous written acknowledgement (receipt) within 30 days of sale. This Receipt must include the following.
- The gross selling price of the vehicle (if sold for greater than $500)
- Year, Make, Model and VIN Information
- A statement that the vehicle was sold at arms length between two unrelated parties
- And a statement that no goods or services were received in return for your contribution.
North Shore Animal League and its agent, Advanced Remarketing Services, make no claims as to the tax deductibility of any vehicle. All donors should consult their tax preparer or accountant about tax benefits. If you have additional questions about deductions and IRS Regulations the following links may be of assistance:
IRS Publication 4303, A Donor's Guide to Car Donations (PDF)
Publication 526, Charitable Contributions (PDF)
Publication 561, Determining the Value of Donated Property (PDF)
Form 8283 Noncash Charitable Contributions (PDF)
Instructions for Form 8283, Noncash Charitable Contributions (PDF)
Links to Valuation:
Kelley Blue Book
www.kbb.com
Edmunds
www.edmunds.com
NADA Guides
www.nadaguides.com
Donate your car, truck, boat or RV and help North Shore Animal League America rescue, nurture and adopt homeless and orphaned pets into loving homes.
Donate online or call toll free at 1-800-752-6462 (1-800-75-ANIMAL).
516.883.7575